Mr. Sharif’s children were named in reports based on documents that were allegedly leaked from a Panama-based law firm

ISLAMABAD, Pakistan—Pakistani Prime Minister Nawaz Sharif set up a judicial commission after political opponents accused him of corruption following reports that linked his children to offshore companies.

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Mr. Sharif’s sons and daughter were named in the reports, based on documents that were allegedly leaked from the Panama-based law firm Mossack Fonseca & Co, which appeared on the website of the International Consortium of Investigative Journalists. The documents don’t allege any wrongdoing on the part of Mr. Sharif and his family. Having an offshore account or company isn’t illegal in Pakistan.

Mr. Sharif denied any wrongdoing by him or his family members, saying he has “never betrayed the trust of the nation.”

The so-called Panama Papers are the top focus of discussion in the Pakistani media and analysts said they aren’t likely to topple Mr. Sharif, but they will hurt him politically.

“Opposition parties now appear to be working together to build pressure on him,” said Hasan Askari Rizvi, an independent political analyst. “He appears to be under siege.”